ICICI Bank 2010 Annual Report Download - page 51

4. Improving access to financial services
To provide access to financial services for low-income and other under-served customer, the ICICI Group
has undertaken a range of initiatives. For ICICI Bank, financial inclusion initiatives have been a part of its
core business strategy, being achieved through different channels and technologies. Financial Innovation
& Network Operations (FINO), a company sponsored by the ICICI Group, is working with a number of
players in the financial sector for customer acquisition and servicing using the smart card model. Total
enrolments of FINO have crossed 14 million covering 233 districts in 21 states, through tie-up with
21 banks, three insurance companies, seven government entities and 20 MFIs. ICICI Bank’s Self Help
Group (SHG) and-micro lending programmes facilitate access to financial services for low-income rural
households. With a micro lending book of Rs. 34.17 billion, ICICI Bank’s micro lending initiative reached
more than 4.0 million low-income households in India this year. The Bank’s Small Enterprises Group
reaches out to nearly a million small and medium enterprises across the country, offering solutions
using multiple low cost channels like the Internet, dedicated call center teams, mobile banking, ATMs,
debit and credit cards, as well as branch networks. The Bank met its priority sector lending and direct
agriculture lending targets for fiscal 2010, and at March 26, 2010, total priority sector lending advances
of Rs. 626.98 billion were 51.3% of the residual adjusted net bank credit (RANBC) against the regulatory
target of 50.0% of RANBC, while direct agriculture advances at Rs. 173.29 billion represented 14.2% of
RANBC, higher than the regulatory target of 13.5%.
ICICI Prudential Life Insurance Company (ICICI Life) provides micro-insurance to low-income population. Its
micro insurance product for rural population, Sarv Jana Suraksha, provides insurance for a minimal premium
of Rs. 50 per annum. More than 330,000 policies have been issued during fiscal 2010. In collaboration with
the Micro Insurance Innovation Facility of the International Labour Organisation, ICICI Life has adopted
a multi-pronged approach to address financial inclusion among the tea labour community in Assam. It
developed and launched Anmol Nivesh, a unique savings cum insurance debt linked product with special
features like flexibility in premiums, a customised delivery model and innovative consumer education.
ICICI Lombard General Insurance Company (ICICI General) has partnered with various central and state
government ministries/agencies to offer insurance coverage under schemes like the Rashtriya Swasthya
Bima Yojana (RSBY) for below poverty line workers in the unorganised sector; insurance scheme for
weavers; and the Rajiv Gandhi Shilpi Swasthya Bima Yojana for handicraft artisans. The company has
covered over 8.0 million families under these schemes. ICICI General has pioneered the introduction of
weather insurance in India and works with a number of financial intermediaries to deliver weather insurance
in 14 states.
5. Protecting the environment
i. Clean technology initiatives
ICICI Bank’s Technology Finance Group (TFG) implements programmes for multilateral agencies in areas
of collaborative research and development (R&D), energy, environment and healthcare. TFG’s initiatives
include efforts to attract and channel private financing into cleaner technologies, to create public-private
partnerships to mitigate greenhouse gas emissions through energy efficiency and to promote sustainable
development.
TFG assisted in the introduction of codes of environmental management (ISO 14000) to the country.
It also supported clean coal concepts like coal washeries and coal bed methane for the first time in
the country. TFG supported the first passenger electric car in India (Reva), currently being exported to
the UK and 17 other countries. It also supported the introduction of municipal shared savings concept
through the energy service company (ESCO) route, which help save expenditure for street lighting and
water pumping. Another significant initiative was the introduction of green rating of buildings through
setting up of CII’s Green Business Centre (GBC). The GBC now has 350 million square feet of floor space
registered for green rating that will save energy, water and emissions.
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Annual Report 2009-2010
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